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Monday, December 08, 2014

Marketing Mischief - Targeting is SINGULAR

MK
here, with your Monday morning marketing mischief. Well, actually, by the time you read this, it will be midnight in Australia, where I am spending the next month on assignment.

In our management consulting company we get to
work with amazingly successful companies who want to accelerate the growth of
their businesses further.

Sometimes we work with executives that have been successful in other firms that are at the very
early stage, launching their first product. Other times, we work to help companies that are expanding from their own
domestic market into the US market as the next phase of their growth and other clients
have saturated their current market and need to expand into a new one, but have not yet determined how to prioritize where they are going.

Regardless of the condition for growth, one thing
remains the same --- the challenge leaders have in identifying their
"target market".

Too often
CEOs and product leaders get seduced into believing they can build their
application for "everyone"and
as a result they develop for no one.The
lowered cost of development and the rate of change in the digital economy
further fuels the mischief, because it is easy and cheap to write code that
accelerate the problem of everyone/no one further.

To expand your market you need a target... not
several targets.

Find a high value problem
for a large group of people and go solve that problem.Become the company that services the target
market and gets known for delivering world class solutions to that market.

Yes with the digital economy you can dominate
a target market faster and at lower costs then you can move onto the adjacent
target market.

What has changed is the
rate at which a company can acquire customers in the target market.What has not changed is successful companies
are building by delivering and delighting one target market at a time.